1. Confidential
WUNDERVC
Industrial Tech Startups
In The SF Bay Area
Christian Dahlen, September 2023

2. Confidential
WUNDERVC 2
Preamble
• The San Francisco Bay Area and Silicon Valley are considered the worldwide
center of software and technology innovation.
• The SF Bay Area was a hot bed of industrial production up until the end of the
cold war. However, one Tesla plant does not make up for the little that is left of
that industrial base.
• A new generation of disruptive industrial tech and manufacturing startups has
been funded since 2012, the top ten alone to the tune of more than 2.7B US
Dollars.

3. Confidential
WUNDERVC 3
The top 10 SF Bay Area industrial tech startups have raised
>$2.7 B
• Carbon has raised
$683M in 8 years.
• 6 companies raised in
2022 and 2023
• The last round was
announced in May 2023
(Arris Composites).
$133
$153
$187
$193
$196
$222
$275
$311
$350
$683
Everactive
Arris Composites
Mycoworks
Fictiv
Flexiv
Covariant
Velo3D
Bright Machines
Diamond Foundry
Carbon

4. Confidential
WUNDERVC 4
Manufacturing startups dominate the top 10 funded
companies
6
2
1
1
Manufacturing
• Carbon
• Diamond Foundry
• Bright Machines
• Velo3D
• Mycoworks
• Arris Composites
Software
• Fictiv
IIoT
• Everactive
Robotics
• Covariant
• Flexiv

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WUNDERVC 5
6 of the top 10 are led by their founders

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WUNDERVC 6
Diamond Foundry and Everactive were founded in 2012
2012 Diamond Foundry, Everactive
2013 Carbon, Fictiv, Mycoworks
2014 Velo3D
2015
2016 Flexiv
2017 Covariant, Arris Composites
2018 Bright Machines
2019
2020
2021
2022

7. Confidential
WUNDERVC 7
The top 10 industrial tech startups are spread across the SF
Bay Area
Carbon $683M
Bright Machines $311M
Covariant $222M
Fictiv $193M
Diamond Foundry $350M
Velo3D $275M
Everactive $133M
Mycoworks $187M
Flexiv $196M
Arris Composites $153M

8. Confidential
WUNDERVC
1. Carbon
8
WUNDERVC
• $683 Million raised
• Carbon provides high-tech, waste
reducing 3D printing services
• Founded in 2013
• CEO: Craig Carlson

9. Confidential
WUNDERVC
2. Diamond Foundry
9
WUNDERVC
• $350 Million raised
• Diamond Foundry produces
diamonds at mining scale using a
proprietary reactor technology
• Founded in 2012
• CEO and founder:
Martin Roscheisen

10. Confidential
WUNDERVC
3. Bright Machines
10
WUNDERVC
• $311 Million raised
• Bright Machines brings together
flexible factory robots with
intelligent software, production
data and machine learning
• Founded in 2018
• CEO: Gayle Sheppard

11. Confidential
WUNDERVC
4. Velo3D
11
WUNDERVC
• $275 Million raised before IPO
Now trading on NYSE: VLD
• Velo3D is a digital manufacturing
company that uses 3D production
printers and flow print preparation
software to print 3D metal
• Founded in 2014
• CEO and founder:
Benny Buller

12. Confidential
WUNDERVC
5. Covariant
12
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• $222 Million raised
• Covariant creates the Covariant
Brain and the first AI Robotic
solutions to automate pick-and-
place processes at warehouses
and fulfillment centers
• Founded in 2017
• CEO and co-founder:
Peter Chen

13. Confidential
WUNDERVC
6. Flexiv
13
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• $196 Million raised
• Flexiv Ltd. is a global leading
general-purpose robotics
company, focusing on developing
and manufacturing adaptive
robots
• Founded in 2016
• CEO and co-founder:
Shiquan Wang

14. Confidential
WUNDERVC
7. Fictiv
14
WUNDERVC
• $193 Million raised
• Digital Manufacturing Ecosystem
that delivers precision parts on-
demand through its digital
platform and global partner
network
• Founded in 2013
• CEO and co-founder:
Dave Evans

15. Confidential
WUNDERVC
8. Mycoworks
15
WUNDERVC
• $187 Million raised
• MycoWorks is a biotechnology
company that offers non-plastic
and non-animal materials to the
market
• Founded in 2013
• CEO: Matthew Scullin

16. Confidential
WUNDERVC
9. Arris Composites
16
WUNDERVC
• $153 Million raised
• Arris designs and manufactures the
highest performance products at
scale
• Founded in 2017
• CEO and founder: Riley Reese

17. Confidential
WUNDERVC
10. Everactive
17
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• $133 Million raised
• Everactive provides a hardware
toolkit and managed network
purpose-built for self-powered
devices
• Founded in 2012
• CEO: Bob Nunn

18. Confidential
WUNDERVC 18
The top 10 - 20
• Only 3 have raised in
2022 and 2023
• The latest financing
round was in February
2023 (Third Wave
Automation)
• Fetch Robotics was sold
Zebra Technologies in
2019 $40
$54
$70
$70
$80
$80
$87
$94
$106
$133
Element Analytics
Rapid Robotics
Third Wave Automation
Arevo
Instrumental
Sight Machine
Tempo Automation
Fetch Robotics
Particle
Parsable

19. Confidential
WUNDERVC
A new generation of industrial tech startups in the SF Bay Area has already
raised billions of dollars in funding in the past 10 years
The top 10 startups alone have raised in excess of $2.7B to date
Vertically integrated manufacturing startups dominate the top 10 funded
19

20. Confidential
WUNDERVC
Notes
20
• Included: Manufacturing, robotics, IIoT, software (vertical data analytics, workflow
and project mgmt., workforce mgmt., simulation, procurement, after sales
support, marketplaces, AR/VR), engineering tools, additive manufacturing
• Excluded: logistics, construction, drones, cybersecurity, energy, food